Ampex Corp: Digital Storage Message Board

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Technology Stocks : Ampex Corp: Digital Storage

AMPX 7.835

-1.1%

3:59 PM EST

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To: Hal Campbell who wrote (2046)	3/4/1997 10:03:00 AM
From: Hal Campbell	of 3256

We all have our market stories of course. Many of them. James' Lynch excerpt brought to mind a couple of mine. Patience and fundamentals the theme. Bought GWF in December of '92. Traded out a month later at a 29% gain + one dividend payment. Had often mildly congratulated myself over the years because the stock languished despite its improving balance sheet and the accelerating Cailfornia economy. Well with the present trading range I could have just quietly held GWF for a little over 4 years and sold at around a 30% per annum return + 7.5% annual dividend. Not bad work for your money. Also experienced a prolonged painful decline from 11 to 3+ in a stock called Nichols Labs in '93 into '94. Didn't sell because all the fundamentals still told me the stock was actually worth more at 4, in every regard but the bottom line - they were having trouble integrating their Texas health Labs- averaged down very heavily to bring cost basis down to a little over 4. Corning saw the value 4 months thereafter and took them out at 13. Made '94 a good year for me. Course sometimes I have taken profits, the stocks fell and never came back. And sometimes I have taken losses..they fell..and kept falling. CML and Fifty Off stores are two examples. But in each and every case like that, the fundamentals were vividly and inarguably declining. AXC's , as Gus and others have so ably demonstrated, are improving.Norman and Salim in an absurd mastery of the obvious keep shouting that the price is declining. In the long run, that don't mean a thing. As James said, the price and value of a stock VERY often head in different directions. Sometimes for a prolonged time. Patience ought to pay in this issue. I am just not sure exactly how much or when. Still it ought to be more than worth our while.

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